5 Written questions
5 Matching questions
- Trial balance
- amount sufficient for the petty cash fund.
- Financial summaries are compiled
- The best way to begin a budget is to look at the expenses from the
- a should be done once a month after all posting has been completed and before the monthly statements are prepared. The purpose of process is to disclose any discrepancies between the journal and the ledger.
- b previous year
- c $25 to $50
- d monthly and annually
- e Supporting other documents or records.
5 Multiple choice questions
- Things that are owed; debts.
- Social security number of the employee
Number of withholding allowances claimed
Amount of gross salary
All deductions for the Social Security and Medicare taxes; federal, state, and city or other subdivision withholding taxes; state disability insurance; and state unemployment tax, where applicable.
- Receipts usually are deposited in the ckecking account, and a record of the deposit is entered in the journal and on the check register.
- Federal Unemployment Tax Act
- SS-5 form.
5 True/False questions
Disbursement journals must show → A summary of accounts paid out.
Kinds of Financial records → Daily journal and checkbook
Cash payment journal → usually consists of a section at the bottom of each day sheet and a check register page at the end of each month, plus monthly and annual summaries.
Double-entry system accounting equation: → The most complete accounting system. System in which transactions may be entered manually or by computer. Inexpensive but requires a trained, experienced bookkeeper or the regular services of an accountant.
Cash basis of accounting → single-entry system, double-entry system, and pegboard (write-it-once) system